A system and method for monitoring fly height between a magnetic recording medium and a transducing head. In a first exemplary embodiment, magnetic spacing change value is calculated using media noise on the recording medium (instead of prerecorded tones) to provide a broadband frequency distribution that results in improved Wallace equation accuracy. In a second exemplary embodiment, a magnetic spacing change value is acquired by any suitable method but is adjusted as necessary to reflect transducing head wear, thus providing a methodology for calculating changes in fly height by taking into account the signal loss that is attributable to wear. In this way, a basic understanding of the mechanism causing changes in magnetic spacing is achieved.